Currencies

Inaugural issues to underline just how strong and receptive the market is

Issuers stick to the Länder rule book to maximise pricing

◆ Barclays pushes 'very impressive' AT1 flat to fair value after becoming net negative AT1 issuer ◆ Pension Insurance Corp follows euro peers with tier two ◆ 'Horribly undersupplied' investors pile in orders

French media and travel conglomerate preps financing, as more event driven opportunities rev up the loan market

With most companies reported, corporate spreads continue to defy gravity

Deal will be secured against a pool of Singaporean residential mortgages

Mercedes, Michelin and Aéroports de Paris draw in billions of demand

◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred

The €500m no-grow deal was almost 15 times covered

Coca-Cola, WP Carey and Kellanova land rapturous responses in a mostly shut week

Tapping euros allows Spabol to pick up duration unavailable in its home market

◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls